BANK of England executive director Andrew Bailey has been appointed as a deputy governor.
Mr Bailey will also head up the new Prudential Regulation Authority watchdog to ensure banks and financial institutions do not take too many risks.
As well as his BoE duties, Mr Bailey is also managing director of the Prudential Business Unit at the Financial Services Authority.
Loading article content
Other deputy governors at the BoE are Paul Tucker who looks after overall financial stability and Charles Bean who is in charge of monetary policy.